I want to thank the team that's been working on the Geismar transaction and also the team that operates the plant for their persistence, diligence and their continued focus on safe operations.

i want to thank the team that's been working on the geysers transaction and also the team that operates the plant for their persistence diligence and their continued focus on safe operations


the targets are very tough to begin with and then they get easier, so obviously implying that they'll do better on ODIs as they go through the period. You're obviously in a bit of a different position to the other companies on the ODIs because

the targets are very tough to begin with and then they get easier so obviously implying that they'll do better on odis as they go through the period you're obviously in a bit of a different position to the other companies on the odis because


a higher utilization of the fleet. But there are certain expectations that there will be more drilling on the back of an oil price -- of higher oil price and also

a higher utilization of the fleet but there are certain expectations that there will be more drilling on the back of an oil price -- of higher oil price and also


in the current environment, specifically, on the tank trailer and the platform side over time to turn around and start to come up at exactly the time when we need them.

in the current environment specifically on the tank trailer and the platform side over time to turn around and start to come up at exactly the time when we need them


As you might imagine, I've been drinking from a fire hose over the past 3 weeks. Nevertheless, I have been able to focus on a few strategically important things that I'd like to give you some thoughts on.

as you might imagine i've been drinking from a fire hose over the past 3 weeks nevertheless i've been able to focus on a few strategically important things that i'd like to give you some thoughts on


response from our customer base has been universally positive as they appreciate the value that a more efficient and scaled firm can add to the financial market.

response from our customer base has been universally positive as they appreciate the value that a more efficient and scaled firm can add to the financial markets


As we have delevered balance sheet, we may look to repurchase our shares under the repurchase agreement in the open market or otherwise from time-to-time.

as we have a delevered balance sheet we may look to repurchase our shares under the repurchase agreement in the open market or otherwise from time to time


We also welcome the additional perspectives to our board as we continue to evaluate options to maximize shareholder value and manage our business for profitability and cash flow.

we also welcome the additional perspectives to our board as we continue to evaluate options to maximize shareholder value and manage our business for profitability and cash flow


Although Lumber Liquidators believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.

although lumber liquidators believes that the expectations reflected in its forward-looking statements are reasonable it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct


related to that, are there any other above or below the line items next year that we ought to be mindful of that could lead to significant changes in profitability?

and related to that are there any other above or below the line items next year that we ought to be mindful of that could lead to significant changes in profitability


And we plan to install those because these are the ready ones, and we feel that we can have a quicker turnaround on these vessels.

and we plan to install those because these are the ready ones and we feel that we can have a quicker turnaround on these vessels


to the commencement of the Certificate of Need and Route Permit processes. We continue to review the impact of the orders on the project schedule and cost estimates.

to the commencement of the certificate of need and route permit processes we continue to review the impact of the orders on the project schedule and cost estimates


The contribution from acquisitions was higher than guidance mainly as a result of the resumption of operations of Tropical Palms RV Resort during the quarter following termination of the ground lease.

the contribution from acquisitions was higher than guidance mainly as a result of the resumption of operations of tropical palms rv resort during the quarter following termination of the ground lease


I wouldn't say that -- thanks for the question, Garen. I would not say that I see anything dramatically different as it relates to this sort of the mix of what's out in the market for

i wouldn't say that -- thanks for the question garrett i would not say that i see anything dramatically different as it relates to sort of the mix of what's out in the market for


where thanks to our proprietary sourcing and origination channels, we have assembled a portfolio of assets with a blended, unlevered market yield of 8.8%. As we did in the prior quarter,

where thanks to our proprietary sourcing and origination channels we have assembled a portfolio of assets with a blended unlevered market yield of 8 8% as we did in the prior quarter


and an operational issue with the central pharmacy in the second half of 2017, caused by implementation of a new automated phone system that delayed some prescription fulfillment.

and an operational issue with the central pharmacy in the second half of 2017 caused by implementation of a new automated phone system that delayed some prescription fulfillment


And then, in order to help drive LCOE down, our model has been, per the agreements, to share a large portion typically of those savings with our customer.

and then in order to help drive lcoe down our model has been per the agreements to share a large portion typically of those savings with our customer


through the year, right? So I would have more modest expectations, especially for the sake of conservatism, more modest expectations for that portfolio is in the first half of the year and higher expectations in the second half.

through the year right so i would have more modest expectations especially for the sake of conservatism more modest expectations for that portfolio in the first half of the year and higher expectations in the second half


Great. And just to ask the requisite stupid question on the call, could you just explain a little more what the significance of the 90-day

great and just to ask the requisite super question on the call could you just explain a little more what the significance of the 90-day


The margins are slightly lower on e-com. But we have -- we have pricing mechanisms in place just to make sure we have -- ultimately, we have price parity

the margins are slightly lower on e-com we have -- we have pricing mechanisms in place just to make sure we have -- ultimately we have price parity


generate a lot more revenue from other opportunities like Advanced Packaging, MEMS and RF as well as

generate a lot more revenue from other opportunities like advanced packaging mims and rf as well as


largely as a result of the shift in our investment strategy in response to changes in the India dividend distribution tax for certain instruments.

largely as a result of the shift in our investment strategy in response to changes in the india dividend distribution tax for certain instruments


I don't mind saying, we've been a little surprised too at how fast licensing has come back. 6 or 9 months ago, we were prepared for a couple of years of

i don't mind saying we've been a little surprised too at how fast licensing has come back 6 or 9 months ago we were prepared for a couple of years of


Slide 9 summarizes our residential mortgage business. Our strategy has been to retain the servicing rights on loans sold, which increase in value in a rising rate environment.

slide 9 summarizes our residential mortgage business our strategy has been to retain the servicing rights on loans sold which increase in value in a rising rate environment


because most of the investment in retail is happening online and on digital. It's happening on omni-channel. It's happening on customer experience. It's happening on analytics.

because most of the investment in retail is happening online and on digital it's happening on omnichannel it's happening on customer experience it's happening on analytics


driving strong near-term margin performance, providing fuel for investment and positioning us to sustainably deliver top and bottom line growth.

driving strong near-term margin performance providing fuel for investment and positioning us to sustainably deliver top and bottom line growth


want to start with our year-end results, which we had very good results for the year, notwithstanding some of the challenges that we have with guidance during the year. But for our first year as a company,

i want to start with our year-end results which we had very good results for the year notwithstanding some of the challenges that we had with guidance during the year but for our first year as a company


While we are confident that we can achieve multiple pipeline collaborations, and believe that a new industry partnership may occur before the end of the year,

while we are confident that we can achieve multiple pipeline collaborations and believe that a new industry partnership may occur before the end of the year


And finally, I wanted to briefly address the unsolicited acquisition proposal received from related fund management and respectfully declined by the company earlier this year.

and finally i wanted to briefly address the unsolicited acquisition proposal received from related fund management and respectfully declined by the company earlier this year


every day the stock market goes up 300 points, a certain money moves into the bond market and comes off the table. And I do sense that there's a fair amount of demand right now for spread product.

every day the stock market goes up 300 points so a certain amount of money moves into the bond market and comes off the table and i do sense that there's a fair amount of demand right now for spread product


It is still early days and a lot is changing in social media, but we are encouraged by the results so far and expect we will continue to optimize this channel for profitability going forward.

it is still early days and a lot is changing in social media but we are encouraged by the results so far and expect we will continue to optimize this channel for profitability going forward


the need of VTB to comply with the regulatory ratios and banks are different from all other state companies because they do need to comply with the regulatory capital ratios,

the need of bcb to comply with the regulatory ratios and banks are different from all other state companies because they do need to comply with the regulatory capital ratios


However, as the market changed and the sales process became more technical and complex, we recognize the need to evolve our sales model.

however as the market changed and the sales process became more technical and complex we recognized the need to evolve our sales model


Regarding our overall bottom line performance, simply put, we need to and can do better. That means reigniting servicing fee growth in a sustainable way,

regarding our overall bottom line performance simply put we need to and can do better that means reigniting servicing fee growth in a sustainable way


are actually adding subscribers while we are also growing ARPUs. This is because we have and we use our pricing power but also because we're upgrading speeds and offering new services.

we're actually adding subscribers while we're also growing arpu this is because we have and we use our pricing power but also because we're upgrading speeds and offering new services


In our Q3 2018 results versus Q3 of '17, you see this phenomenon with RELISTOR, and you're going to see it again when I talk about dermatology and our neurology businesses.

in our q3 2018 results versus q3 of '17 you see this phenomenon with relistor and you're going to see it again when i talk about dermatology and our neurology businesses


Even with this slight delay, the timing for compression will continue to allow the company to achieve our previously released 2018 financial and operational plans.

even with this slight delay the timing for compression will continue to allow the company to achieve our previous released 2018 financial and operational plans


We look forward to spending the remaining of the year executing our strategic objectives with a disciplined approach and focusing on the financial needs of our business, consumer and wealth management clients.

we look forward to spending the remainder of the year executing our strategic objectives with a disciplined approach and focusing on the financial needs of our business consumer and wealth management clients


who worked around the clock and tirelessly to mitigate this unprecedented event. Dave will update you in his discussion of overall global operations.

who worked around the clock and tirelessly to mitigate this unprecedented event dave will update you in his discussion of overall global operations


Growth in Environmental Services was driven by Veolia and improved mix of waste streams and increases in our Industrial Energy and Field Services businesses.

growth in environmental services was driven by veolia an improved mix of waste streams and increases in our industrial energy and field services businesses


for some other reasons, mainly that I was doing them, we got -- we just pushed a lot harder. So I think looking into '18, you should certainly assume that

for some other reasons namely that i was doing them we got -- we just pushed a lot harder so i think looking into '18 you should certainly assume that


do we expect then revenues to adjust as we go forward is that trailing index catches up to the current bond environment and what's your expectations on that?

do we expect then revenues to adjust as we go forward as that trailing index catches up to the current bond environment and what's your expectations on that


Engaging our employees to focus on our key stakeholders, and instilling in them a greater sense of social responsibility, will enable us to be a more progressive and successful organization.

engaging our employees to focus on our key stakeholders and instilling in them a greater sense of social responsibility will enable us to be a more progressive and successful organization


particularly in Europe in a way that should provide investors with a similar level of clarity on both our performance and our prospects that investors might see in a publicly listed entity,

particularly in europe in a way that should provide investors with a similar level of clarity on both our performance and our prospects that investors might see in a publicly listed entity


And people tend to prefer the track record business because they know they deliver and delivery is important in this business.

and people tend to prefer the truck record business because they know they deliver and delivery is important in this business


the overall costs of raw materials used in making specialty aluminas. This action will not affect our ability to resume growth,

the overall cost of raw materials used in making specialty aluminas this action will not affect our ability to resume growth


a methodology. It's about how we approach the business, how we evolve the consumer offering, how we get the business engines, the underlying engines, to go, how we get the cost structure

methodology it's about how we approach the business how we evolve the consumer offering how we get the business engines the underlying engines to go how we get the cost structure


More importantly, our community is embracing our new format. On average, users that chose to watch Promoted Stories viewed them for over 10 seconds.

more importantly our community is embracing our new format on average users that chose to watch promoted stories viewed them for over 10 seconds


The decrease was primarily due to the accounting effects of entering into the reinsurance agreement with Assured Guaranty Corp. and lower nonperformance risk spreads.

the decrease was primarily due to the accounting effects of entering into the reinsurance agreement with assured guaranty corp and lower nonperformance risk spreads


now. And so the good news is we have things like our analytics products. We have the acquisitions we just talked about. So we do have a number of things that we've been working on over the prior

now and so the good news is we have things like our analytics products we have the acquisitions we just talked about so we do have a number of things that we've been working on over the prior


our funeral homes -- we've hired a couple of people that are really experts in merchandising through cremation and we're beginning to

our funeral homes we've hired a couple of people that are really experts in merchandising through cremation and we're beginning to


we believe we have an important platform that drive long-term revenue growth, pipeline expansion and profitability. And I look forward to updating you as we deliver on our strategy throughout the rest of the year.

we believe we have an important platform to drive long-term revenue growth pipeline expansion and profitability and i look forward to updating you as we deliver on our strategy throughout the rest of the year


in ERCOT again. So I think it's going to be developers and then it's very, very difficult -- I know this when I was at ECP. It's extremely difficult to get financing

in ercot again so i think it's going to be developers and then it's very very difficult i know this when i was at ecp it's extremely difficult to get financing


and mix improvement from focused initiatives to improve our sales force effectiveness, along with actions we took to address low-margin business.

and mix improvement from focused initiatives to improve our sales force effectiveness along with actions we took to address low-margin business


as well as we try to get in a little bit more than that every year opportunistically and think we can do that inclusive of continuing bolt-ons


to enable merchants to sign up. And that is why we initially went with a QR code and now have worked closely with

to enable merchants to sign up and that is why we initially went with a qr code and now have worked closely with


In addition, we are pouring our energy into strengthening the foundations that will enable us to better manage this profit-generating organization.

in addition we are pouring our energy into strengthening the foundations that will enable us to better manage this profit-generating organization


the previous 3 or 4 years, and we are staying very consistent with what we're saying we're going to be able to do the next 3 or 4 years. And so

the previous 3 or 4 years and we are staying very consistent with what we're saying we're going to be able to do the next 3 or 4 years and so


If you would like more detail on this transaction, you have access to the audio recording and the transcript of the business update call on our website.

if you would like more detail on this transaction you have access to the audio recording and the transcript of the business update call on our website


There is positive carry while the loans are held in the warehouse and there is significant fee income that we receive on 504 lending. A lot of that is

there is positive carry while the loans are held in the warehouse and there's significant fee income that we receive on 504 lending a lot of that is


Because we do not view the volatility caused by these adjustments as reflective of our underlying performance, we have excluded them from our adjusted results and shown them as noteworthy items.

because we do not view the volatility caused by these adjustments as reflective of our underlying performance we have excluded them from our adjusted results and shown them as noteworthy items


And so if I'm Robin and I'm looking at my marketing budget and trying to work out the best place to decide where to invest, it's done on an ongoing basis, looking at both of those as an opportunity area. It's

and so if i'm robin and i'm looking at my mastin budget and trying to work out the best place to decide where to invest it's done on an ongoing basis looking at both of those as an opportunity area


All of these measures are being undertaken to deliver additional liquidity, and continue deleveraging and to allow us to reallocate capital to our high returning businesses.

all of these measures have been undertaken to deliver additional liquidity and continued deleveraging and to allow us to reallocate capital to our high-returning businesses


Exactly a year ago we said we will continue working very hard to lock in more contracts. And that's exactly what we achieved.

exactly a year ago we said we would -- we will continue working very hard to lock in more contracts and that's exactly what we achieved


As you have a concentration of price increase in the short term, I believe that the price of

as you have a concentration of price increase in the short term i believe that the price of


And as a consequence, that may be slipped a little bit on really focusing at driving our supply chain costs down, and so we see a huge area

and as a consequence have maybe slipped a little bit on really focusing at driving our supply chain costs down and so we see a huge area


But after all, that's what keeps us in business. And so it's our challenge to make sure we keep up with those. And having said that, I don't think there is anything

but after all that's what keeps us in business and so it's our challenge to make sure we keep up with those and having said that i don't think there's anything


at least in an absolute fashion, it may in a relative fashion as we continue growing the top line and the bottom line.

at least in an absolute fashion it may in a relative fashion as we continue growing the top line and the bottom line


we actually have a very strong demand, but at the same time, the market situation is quite favorable. So do you have any update or change you want to mention related to the demand side?

we actually have a very strong demand but at the same time the market situation is quite favorable so do you have any update or changes you want to mention related to the demand side


whereas those who had a strong starting immunity after 1 year, which is the red, those who were higher than the median value at the beginning, there really isn't a boost effect.

whereas those who had a strong starting immunity after 1 year which is the red those who were higher than the median value at beginning there really isn't a booster phase


We maintained exposure to the securitization through an interest in the subordinated tranches as well as through our ownership of the vertical risk retention portion of the capital structure.

we maintained exposure to the securitization through an interest in the subordinated tranches as well as through our ownership of the vertical risk retention portion of the capital structure


and specific opportunities that are captured. And that is obviously the one that we are specifically looking at and should be watchful for. And for us, the challenge is to

and specific opportunities that are captured and that is obviously the one that we are specifically looking at and should be watchful for and for us the challenge is to


absent a change in the underwritten performance metrics going forward, we will continue to be disciplined and I think we should get credit for being disciplined. It's been

absent a change in the underwritten performance metrics going forward we will continue to be disciplined and i think we should get credit for being disciplined it's been


The MOU was signed in parallel with the approval of an exclusivity agreement with Brookfield Asset Management to negotiate a possible business transaction.

the mou was signed in parallel with an approval of an exclusivity agreement with brookfield asset management to negotiate a possible business transaction


We have made progress against all of our strategic priorities this year, and that is reflected in the readiness of the organization for our most important season of the year.

we have made progress against all of our strategic priorities this year and that is reflected in the readiness of the organization for our most important season of the year


We've heard from some of our largest distributors and while we are not unaffected by this process, the majority of funds affected by this recent rationalization effort

we've heard from some of our largest distributors and while we are not unaffected by this process the majority of funds affected by this recent rationalization effort


Our strong balance sheet and history of conservative capital management allows us some flexibility around our dividend during this transition period.

our strong balance sheet and history of conservative capital management allows us some flexibility around our dividend during this transition period


But it won't happen overnight, and we don't expect to begin seeing the impacts of these strategies before the first quarter of next year.

but it won't happen overnight and we don't expect to begin seeing the impacts of these strategies before the first quarter of next year


Full-service hotels drive significant fees per room and enhance the value of our loyalty program, which is strengthened by the aspirational destinations it offers.

full-service hotels drive significant fees per room and enhance the value of our loyalty program which is strengthened by the aspirational destinations it offers


the search algorithms or approach that some of these platforms are taking. If the customers know that it is clearly in their interest to book direct, they're going to find a way to book direct.

the search algorithms or approach that some of these platforms are taking if the customers know that it is clearly in their interest to book direct they're going to find a way to book direct


In health and wellness, I'm proud to report that we are well ahead of our targeted goals in our Healthy For Life 20 by 20 campaign with the American Heart Association.

in health and wellness i'm proud to report that we are well ahead of our targeted goals in our healthy for life 20x20 campaign with the american heart association


But the compound annual growth rate of that number places us in a leadership position. And we have done this while not trading near the most highly valued companies in our sector, at least yet.

but the compound annual growth rate of that number places us in a leadership position and we have done this while not trading near the most highly valued companies in our sector at least yet


In the long run, we should be much more effective with our working capital with a more efficient supply chain structure.

in the long run we should be much more effective with our working capital with a more efficient supply chain structure


We continue to deliver on our goal of achieving organic revenue growth at the high end of med tech as we are gaining market share across the majority of our division,

we continue to deliver on our goal of achieving organic revenue growth at the high end of medtech as we are gaining market share across the majority of our division


We saw challenges in some of our lifestyle accounts, which also had a negative impact on our numbers and some of the key franchises were, particularly, in the beginning of the year

we saw challenges in some of our lifestyle accounts which also had a negative impact on our numbers in some of the key franchises particularly in the beginning of the year


In other words, however important these items might be to a particular geography or program, they were not significant to our consolidated quarterly results.

in other words however important these items might be to a particular geography or program they were not significant to our consolidated quarterly results


One of the positives in the quarter is the improvement in the margins in our fee-based businesses, which continue -- particularly mortgage solutions continue to strengthen as we grow that business.

one of the positives in the quarter is the improvement in the margins in our fee-based businesses which continue -- particularly mortgage solutions continue to strengthen as we grow that business


The erratic wet weather for the last 6 weeks of the year slowed much of our business in the West. Similar to early 2017, Mother Nature's influence has carried forward into the first couple of months

the erratic wet weather for the last 6 weeks of the year slowed much of our business in the west similar to early 2017 mother nature's influence has carried forward into the first couple of months


groups out there, which is the family. So we feel good about what we've seen there. And the reality is and I know there's always a lot of talk between

groups out there which is the family so we feel good about what we've seen there and the reality is and i know there's always a lot of talk between


That's why it's so important that we offer employees a competitive total rewards package with benefits to help them and their families enjoy healthier, more secured lives.

that's why it's so important that we offer employees a competitive total rewards package with benefits to help them and their families enjoy healthier more secure lives


and we will continue to leverage Clinton's infrastructure as we build our business and evaluate these opportunities. We will continue to share updates on these initiatives as appropriate.

and we will continue to leverage clinton's infrastructure as we build our business and evaluate these opportunities we will continue to share updates on these initiatives as appropriate


continue to execute on the plan. And one thing I can assure you is that we are going to do that what's in the best interest of all the stakeholders, because our shareholders and our customers and

continue to execute on the plan and one thing i can assure you is that we are going to do what's in the best interest of all of these stakeholders because there are shareholders and our customers and


We have been working with Ballard on this project for quite some time now, and this recent order is the first of what we hope will be many more orders where we can support each other

we have been working with ballard on this project for quite some time now and this recent order is the first of what we hope will be many more orders where we can support each other


On the tax leakage, it's pretty much status quo. We have investigated many times different structures and alternatives that would significantly reduce

on the tax leakage it's pretty much status quo we have investigated many times different structures and alternatives that would significantly reduce


We closed the year with strong operational and financial results. As announced earlier today, we achieved the high end of our 2018 ongoing earnings forecast range

we closed the year with strong operational and financial results as announced earlier today we achieved the high end of our 2018 ongoing earnings forecast range


and then ramp up during the course of the year to get to that -- the outlook that Rob provided of low end 4.4%. So we'd be flat

and then ramp up during the course of the year to get to that the outlook that rob provided of low end 4-4 so we'd be flat


I'd say that hopefully we're just in the first period. I think that should be the story for Loblaw for the next few years as we try to

i'd say that hopefully we're just in the first period i think that should be the story for baobab for the next few years as we try to


attention from a capital standpoint, although, of course, there's always things that need to be done. They certainly don't need anywhere near what we typically put into a truck stop

attention from a capital standpoint although of course there's always things that need to be done we certainly don't need anywhere near what we typically put into a truck stop


competitors are getting as aggressive as we are, if they do that, then we would expect to see some of that volume flow back. Right now, it's more important for us to get price,

competitors are getting as aggressive as we are if they do that then we would expect to see some of that volume flow back right now it's more important for us to get price


through price movement. And then in the balance of the consumable business, we reprice as we bid projects. And honing in exactly

through price movement and then in the balance of the consumable business we reprice as we bid projects and honing in exactly


beginning with this quarter, the assets under management tables in our earnings release now reflect distributions as a separate caption following market appreciation.

beginning with this quarter the assets under management tables in our earnings release now reflect distributions as a separate caption following market appreciation


and work with an individual who we trusted and shared a similar vision for our industry and who had strong relationships with Chinese cloud companies that we can help grow outside of China.

and work with an individual who we trusted and shared a similar vision for our industry and who had strong relationships with chinese cloud companies that we can help grow outside of china


This compares to industry inventories of 7.6 billion units at the end of the third quarter last year, which remained stable over the course of that quarter.

this compares to industry inventories of 7 6 billion units at the end of the third quarter last year which remained stable over the course of that quarter


as we think about not only the ACAMS model, but what are the other places in terms of certifications, et cetera, that we'd be able to use that model because we are recognized in the market

as we think about not only the a-cims model but what are the other places in terms of certifications et cetera that we'd be able to use that model because we are recognized in the market


but it's about the active remerchandising to increase our exposure to the growth in online resilient categories and to differentiate ourselves from the larger superregional shopping centers.

but it's about the active re-merchandising to increase our exposure to the growth and online resilient categories and to differentiate ourselves from the larger super-regional shopping centers


The asset management and servicing fees generated from the funds and separate account will be additive to our ongoing recurring revenue, similar to the servicing fees from our own portfolio.

the asset management and servicing fees generated from the funds and separate account will be additive to our ongoing recurring revenue similar to the servicing fees from our own portfolio


Sales of our Pringle potato chips and other snack foods, which spiked temporarily during last year's potato shock were less than a year ago,

sales of our pringle potato chips and other snack foods which spiked temporarily during last year's potato shock were less than a year ago


this will be 11 wells in the next 16 months, so we're going to be busy. We'll be testing prospects in Mexico, as I said, including our first operated wells

this will be 11 wells in the next 16 months so we're going to be busy we'll be testing prospects in mexico as i said including our first operated wells


in December, and in particular, in the last half of December. In regards to inventory, we don't really see the channel as having excess inventory now.

in december and in particular in the last half of december in regards to inventory we don't really see the channel as having excess inventory now


which can number hundreds of vendors and thousands of users. But small- and mid-sized organizations also want a partner to help them navigate this challenge. In the first quarter, we won deals with airports, law firms

which can number hundreds of vendors and thousands of users but small and midsized organizations also want a partner to help them navigate this challenge in the first quarter we want deals with airports law firms


The other thing, as you notice in the third quarter, when you don't have retail sales, that uncovers some generation that we can sell in the wholesale market and that helps to offset some of the cost also.

the other thing is as you noticed in the third quarter when you don't have retail sales that uncovered some generation that we can sell in the wholesale market and that helps offset some of the cost also


And this strong traffic growth of airline profitability, which are based on strong global economic progress and continuing low fuel prices, looks likely to continue for the foreseeable future.

and this strong traffic growth and airline profitability which are based on strong global economic progress and continuing low fuel prices will likely continue for the foreseeable future


I think if you look at the comparison of our inventory management with our competitors, you'll find that it's very good.

i think if you look at the comparison of our inventory management with our competitors you'll find that it's very good


Considering also the opening position -- the open position, we can expect to fully hedge the position, achieving a positive effect

considering also the opening position -- the open position we can expect to fully hedge the position achieving a positive effect


they recognize the scale, they recognize we are ahead of the game, and actually, they recognize the importance of what we're doing. So actually, we're getting really good traction

they recognize the scale they recognize we're ahead of the game and actually they recognize the importance of what we're doing so actually we're getting really good traction


is sensible and something that we know for sure we can deliver. And that's why organic revenue growth at least in line with 2017 is a sensible guidance.

is sensible and something that we know for sure we can deliver and that's why organic revenue growth at least in line with 2017 is a sensible guidance


While there is more work to do ahead, we are successfully executing on our strategy to become a building solutions leader with a large and growing specialty products business.

while there is more work to do ahead we are successfully executing on our strategy to become a building solutions leader with a large and growing specialty products business


Looking ahead, we continue to generate significant amounts of cash on the back of solid demand for coal and soda ash, a trend we have seen for some time now.

looking ahead we continue to generate significant amounts of cash on the back of solid demand for coal and soda ash a trend we have seen for some time now


We sort of suspected that, as we closed the stores that we closed last June, that it could have an impact on omnichannel and sales in those trade areas, and it did.

we sort of suspected that as we closed the stores that we closed last june that it could have an impact on omnichannel sales in those trade areas and it did


Our ability to continue to generate core deposits through our network of only 21 branches is a key factor in our efficiency ratio.

our ability to continue to generate core deposits through our network of only 21 branches is a key factor in our efficiency ratio


feeling of confidence with respect to FY '16 guidance. And that's why we were able to really manage it, manage the bottom end of our guidance up and effectively raise the midpoint.

feeling of confidence with respect to fy '16 guidance and that's why we were able to really manage it -- manage the bottom end of our guidance up and effectively raise the midpoint


Before I turn the call over to management, I would like to remind everyone that matters discussed on this conference call include forward-looking statements as defined in the Private Securities Litigation Reform Act

before i turn the call over to management i would like to remind everyone that matters discussed on this conference call include forward-looking statements as defined in the private securities litigation reform act


we haven't gained much traction in this category because of the poor equipment quality that we've inherited, which is causing a bit of disruption from a supply perspective as well.

we haven't gained much traction in this category because of the poor equipment quality that we've inherited which is causing a bit of disruption from a supply perspective as well


With each new launch or individual platform deal, we are potentially adding 5 or 6 figures per deal in monthly revenues steady state.

with each new launch or individual platform deal we are potentially adding 5 or 6 figures per deal in monthly revenues steady state


the overall population, but admittedly it's a little bit higher, maybe not statistically significance, but it is a little bit higher both on the reduction as well as on the response rate. So

the overall population but admittedly it's a little bit higher maybe not statistically significant but it is a little bit higher both on the reduction as well as on the response rate so


or there will be a telephonic replay -- will be available until May 16. And the information on how to access these replay features is provided in yesterday's earnings release.

or there will be a telephonic replay will be available until may 16 and the information on how to access these replay features is provided in yesterday's earnings release


As a result, we are focused on setting up our hotels for success with stringent cost-containment strategies and defensive revenue management plans.

as a result we are focused on setting up our hotels for success with stringent cost containment strategies and defensive revenue management plan


Greg is transitioning out of the CFO role. And a few quarters ago, you made some general comments about overall succession planning in the organization.

greg is transitioning out of the cfo role and a few quarters ago you made some general comments about overall succession planning in the organization


And that will be also we believe a very important driver of growth for that particular side of the business which we're excited about.

and that will be also we believe a very important driver of growth for that particular side of the business which we're excited about


However, we've remained focused on the leasing of the upper floors as certain potential credit office tenants have expressed interest in also leasing the second floor of our project.

however we've remained focused on the leasing of the upper floors as certain potential credit office tenants have expressed interest in also leasing the second floor of our project


I want to thank everyone at Era for their diligence and achieving our objective of zero Era accidents in Q1 2016, extending the clean sheet

i want to thank everyone at era for their diligence in achieving our objective of 0 air accidents in q1 2016 extending the clean sheet


driven by the increased attractiveness of U.S. dollar products in the current environment as well as the introduction of a U.S. dollar whole life product with nursing care benefits last quarter.

driven by the increased attractiveness of u s dollar products in the current environment as well as the introduction of a u s dollar whole life product with nursing care benefits last quarter


Remember, since we add back equity compensation expenses for non-GAAP net income, the tax benefits related to equity compensation will also be excluded from our non-GAAP net income.

remember since we add back equity compensation expenses for non-gaap net income the tax benefits related to equity compensation will also be excluded from our non-gaap net income


this move now allows me more time and freedom to increase my focus on further growing the company and continuing the great success that we've experienced in recent years.

this move now allows me more time and freedom to increase my focus on further growing the company and continuing the great success that we have experienced in recent years


Our third strategic goal is to expand the market for XTRAC, principally by adding proprietary treatment protocols, which require far fewer patient visits.

our third strategic goal is to expand the market for xtract principally by adding proprietary treatment protocols which require far fewer patient visits


proactively managing our own business by taking further reductions in half 1. So we're doing the right things to set ourselves up for improvement.

proactively managing our own business by taking further reductions in half 1 so we're doing the right things to set ourselves up for improvement


as the strong operational performance more than offset tax and restructuring headwinds. Specifically, the third quarter tax rate that Don will talk about

as the strong operational performance more than offset tax and restructuring headwinds specifically the third quarter tax rate that don will talk about


He can best be described as an operator's operator. And in a very short time, he has established a very strong rapport with the franchisees.

he can best be described as a operators operator and in a very short time he has established a very strong rapport with the franchisees


momentum with PROMESA or the budget comes out and looks like things are going to be stable, would there be any possibility for some capital actions this year? How do you guys think about that?

momentum with promesa or the budget comes out and it looks like things are going to be stable would there be any possibility for some capital actions this year how do you guys think about that


So we've been pretty good at avoiding them. We think we've done a lot of things right, right now. As we mentioned in the call, it may take a few minutes or a little while to prove that out. But we have some time to do it.

so we've been pretty good at avoiding them we think we're doing a lot of things right right now as we mentioned in the call it may take a few minutes or a little while to prove that out but we have some time to do it


And as they now begin to fill up that would also improve the situation. So we have seen a better balance

and as they now begin to fill up that would also improve the situation so we have seen a better balance


our specific markets above the OSFI prescribed threshold, so there is potential that you could see markets being added to the supplementary capital. You could see markets that no longer require it.

are specific markets above the osprey prescribed threshold so there is potential that you could see markets being added to the supplementary capital and you could see markets that no longer require it


In addition, for both public and private transactions, many of our clients use our Venue Data Room offering to manage the transaction process and increase efficiency.

in addition for both public and private transactions many of our clients use our venue data room offering to manage the transaction process and increase efficiency


Onto our asset management initiatives. We continue to make significant progress on both the revenue enhancement and cost-containment initiatives.

on to our asset management initiatives we continue to make significant progress on both the revenue enhancement and cost containment initiatives


is an ongoing one, as you indicated. It's very important to us. Because it gives us 2 things that we really need to have as we continue to develop the fuel. It gives us the

is an ongoing one as you indicated it's very important to us because it gives us 2 things that we really need to have as we continue to develop the fuel it gives us the


some of the operational things that are going on behind the scenes and what type of successes are you seeing or different types of the challenges that are presenting themselves either in this past quarter or

some of the operational things that are going on behind the scenes and what type of successes are you seeing or different types of challenges that are presenting themselves either in this past quarter or


And we do have both the negative timing of catalogues and we also are affected by the earthquakes and we do have weaker development in Colombia.

we do have both the negative timing of catalogs and we also are affected by the earthquakes and we do have weaker development in colombia


We do care to do it in an agile fashion, testing new formats and location types to make sure we develop a network that is fit for the future of retail.

we do care to do it in an agile fashion testing new formats and location types to make sure we develop a network that is fit for the future of retail


We also saw a net benefit from price and raw material input costs as we continue to reinforce our pricing discipline, particularly in the less differentiated segments of the market.

we also saw a net benefit from price and raw material input costs as we continue to reinforce our pricing discipline particularly in the less differentiated segments of the market


You can see this come through this quarter in our software and services areas in which we have targeted efficiencies and cost improvements to help improve the financial performance of our carrier business.

you can see this come through this quarter in our software and services areas in which we have targeted efficiencies and cost improvements to help improve the financial performance of our carrier business


and that most of our pads are new horizontal production that can tolerate the higher line pressures. I'd also like to point out that when you look at our enhanced completion results,

and that most of our pads are new horizontal production that can tolerate the higher line pressures i'd also like to point out that when you look at our enhanced completion results


The company expressly disclaims any obligation to update or revise publicly any forward-looking statements whether as a result of new information, future events or otherwise.

the company expressly disclaims any obligation to update or revise publicly any forward-looking statements whether as a result of new information future events or otherwise


we're doing things a little different this quarter. And I will start by explaining a bit more about the changes to our reporting before we begin with our discussion of our results.

we're doing things a little different this quarter and i will start by explaining a bit more about the changes to our reporting before we begin with our discussion of our results


Australia is currently our best-performing international market and we are seeing a number of signs that our acquisition of Perisher will allow us to outperform broader industry trends.

australia is currently our best-performing international market and we are seeing a number of signs that our acquisition of perisher will allow us to outperform broader industry trends


that they can actually do that using either the bank remittance engine which is powered through the company or to go to RemitGuru and to send money.

that they can actually do that using either the bank remittance engine which is powered through the company or to go to remit guru and to send money


As part of the excess servicing investment, we took a majority stake in a newly formed vehicle that owns or is committed to purchase excess servicing cash flows and servicing advances

as part of the excess servicing investment we took a majority stake in a newly formed vehicle that owns or is committed to purchase excess servicing cash flows and servicing advances


In our Florida SMI Specialty Plan, we've seen continued modest benefits from our operational and medical action plans and have recently added some new initiatives.

in our florida smi specialty plan we've seen continued modest benefits from our operational and medical action plans and have recently added some new initiatives


with many installations that we anticipate will continue to benefit us in 2016. Our offshore production fluids business also had a strong year,

with many installations that we anticipate will continue to benefit us in 2016 our offshore production fluids business also had a strong year


National Highway Traffic Safety Administration proposed new regulations last July in an effort to further reduce fuel consumption and carbon dioxide and other greenhouse gas emissions.

national highway traffic safety administration proposed new regulations last july in an effort to further reduce fuel consumption and carbon dioxide and other greenhouse gas emissions


than they were prior to the downturn. So we've not even caught back up to the level of age profile that existed prior to the downturn.

than there were prior to the downturn so we've not even caught back up to the level of age profile that existed prior to the downturn


Part of our commitment to operational excellence is having the right cost structure across our company. In response to the downturn in activity, we accelerated these cost-reduction efforts.

part of our commitment to operational excellence is having the right cost structure across our company in response to the downturn in activity we accelerated these cost reduction efforts


Yes. I mean, I think in 2019, you'll see something that will probably look -- start to look to you like manufacturing mode as that infrastructure becomes available to us.

yes i mean i think in 2019 you'll see something that will probably look -- start to look to you like manufacturing mode as that infrastructure becomes available to us


So thanks for trusting us. I look forward to talking to you for the first quarter of 2016 when we meet again in April. Have a good day.

so thanks for trusting us i look forward to talking to you for the first quarter of 2016 when we meet again in april have a good day


We don't expect a material change in our anticipated full year production as a result of the schedule change. We are still projecting 10,000 to 11,000 BOE per day of production

we don't expect a material change in our anticipated full year production as a result of the schedule change we are still projecting 10 000 to 11 000 boe per day of production


So in the first few years, it will account for a significant amount of our recurring revenue. But even though I may sell more

through -- in the first few years it will account for any significant amount of our recurring revenue but even though i may sell more


If the market won't give you proper credit at these multiples, why not use your free cash flow, along with another turn of leverage, and buy back 35% to 40% of your market cap

if the market won't give you proper credit at these multiples why not use your free cash flow along with another turn of leverage and buy back 35% to 40% of your market cap


Right, but is it -- these folks, is it just their reputational risk that they're putting on the line? Is it

right but is it -- these folks is it just their reputational risk that they're putting on the line is it


Now I will briefly cover what we're currently seeing in the market. We continue to see strong demand for our lending solutions from middle market companies across a wide variety of industries.

now i will briefly cover what we're currently seeing in the market we continue to see strong demand for lending solutions from middle market companies across a wide variety of industries


I don't know the actual makeup of them. I do know there were a couple of reasonably large ones in there. Marc Fox is furiously thumbing through some things right now while I'm talking to you.

i don't know the actual makeup of them i do know there were a couple of reasonably large ones in there mark fox is furiously thumbing through some things right now while i'm talking to you


With respect to the exceptional diamonds, when comparing the current quarterly results to Q2 2017, we sold a smaller volume at a lower average price.

with respect to the exceptional diamonds when comparing the current quarterly results to q2 2017 we sold a smaller volume at a lower average price


Despite the best efforts of both parties to resolve these issues, we have agreed that the best course of action is to terminate the existing mining contract as of December 31 this year.

despite the best efforts of both parties to resolve these issues we've agreed that the best course of action is to terminate the existing mining contract as of december 31 this year


your thoughts on whether the change in the external environment has any impact on that pace of run rate and when and how you expect that to slow.

your thoughts on whether the change in the external environment has any impact on that pace of run rate and when and how you kind of -- you expect that to slow


However, we took decisive action to restructure our business for the future and restore market confidence. These changes to our business had a significant impact on our bottom line,

however we took decisive action to restructure our business for the future and restore market confidence these changes to our business had a significant impact on the bottom line


Revenue for the early Discovery business also increased in the first quarter. We are beginning to see the benefits of the actions that we have taken to improve the performance of this business.

revenue for the early discovery business also increased in the first quarter we are beginning to see the benefits of the actions that we have taken to improve the performance of this business


we have seen and felt was worth the risk of turning into a RIDEA structure and

we have seen and felt was worth the risk of turning into our idea structure and


And then you also have favorable shipping rates that are really a combination of oil prices and the availability of ships.

and then you also have favorable shipping rates that are really a combination of oil prices and the availability of ships


while growing our core lines of business and our branches and advancing our direct loop oil sales model. Overall, we look forward to a strong conclusion to this year.

while growing our core lines of business in our branches and advancing our direct lube oil sales model overall we look forward to a strong conclusion to this year


Now this could be an aberration but that will certainly, if that continues, it will make it much more difficult for us to get to the high end of the range.

now this could be an aberration but that will certainly if that continues it'll make it much more difficult for us to get to the high end of the range


and by far the largest national distributor for specialty construction projects serving 14 trades, we have a unique understanding of our customers' needs,

and by far the largest national distributor for specialty construction projects serving 14 trades we have a unique understanding of our customers' needs


And just for everybody's benefit, if you think of it -- many of the aroma chemicals that are sold in the market are building blocks to what we would describe as a fragrance compound.

and just for everybody's benefit if you think of it many of the aromatic chemicals that are sold in the market are building blocks to what we would describe as a fragrance compound


We are always reviewing appropriate accretive opportunities and believe if the right opportunity comes along, they will be a way to further accelerate growth.

we are always revering appropriate accretive opportunities and believe that the right opportunity comes along they will be a way to further accelerate growth


But as we look forward toward the end of the year or perhaps early in '18, there is additional heavy production coming online, the Fort Hills project.

but as we look forward toward the end of the year or perhaps early in '18 there is additional heavy production coming online the four hills project


And further, we'll continue our commitment to bring additional diversity into our business. One example of this is our joining of the 30% Club, which entails a commitment between our Chairman,

and further we'll continue our commitment to bring additional diversity into our business one example of this is our joining of the 30% club which entails a commitment between our chairman


that we pulled resources from other areas on to focus on that particular program, and that's a great example of those 2 working together to really drive an improvement in our business.

that we pulled resources from other areas on to focus on that particular program and that's a great example of those 2 working together to really drive an improvement in our business


we've selected our go-forward enterprise technology platform as the Microsoft Dynamics 365 platform and Hitachi Solutions as our systems integrator and our implementation partner.

we've selected our go-forward enterprise technology platform as the microsoft dynamics 365 platform and hitachi solutions as our systems integrator and our implementation partner


and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations.


the financial highlights deck or as presented on the call to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.


I know these managers personally, and I believe they understand our company, what made it successful in the past and what will make it successful in the future.

i know these managers personally and i believe they understand our company what made it successful in the past and what will make it successful in the future


and also in terms of the materials, there is an already existing value chain there, which we would be able to leverage. So as a result of that, we do think that there would be various benefits.

and also in terms of the materials there is an already existing value chain there which we would be able to leverage so as a result of that we do think that there would be various benefits


Before opening it up for your questions, I would like to call your attention to the announcement we made yesterday about the promotion of David Jukes, President

before opening it up for your questions i would like to call your attention to the announcement we made yesterday about the promotion of david jukes president


expenses grew 31%. As expected, expense growth ramped up from the first half levels as we stepped up technology as well as Europe integration spending.

expenses grew 31% as expected expense growth ramped up from the first half levels as we stepped up technology as well as europe integration spending


that we could have there. But it's -- we would look at all of those things. And obviously, there could be some synergies. With the right one, you could actually get in different basins, if you wanted to do that from a market standpoint.

that we could have there but it's -- we would look at all of those things and obviously there could be some synergies with the right one you could actually get in different basins if you wanted to do that from a market standpoint


And which is now operating with still some bugs, but it's operating. So what we have learned is the fact that it does expose us to more customers.

and which is now operating but still some bugs but it's operating so what we have learned is the fact that it does expose us to more customers


But if it were to play out in a positive way, obviously, that would be a very big opportunity. So those, as we look forward, I think are the most significant opportunities to describe.

but if it were to play out in a positive way obviously that would be a very big opportunity so those as we look forward i think are the most significant opportunities to describe


you would see a quarter where we can show growth and we actually see growth in almost all our markets, only exception if Nordic.

you would see a quarter where we can show growth and we actually see growth in almost all our markets only exception is nordic


are very keen to see all of the analysis that were prespecified because all of those relate to the total burden of disease,

are very keen though to see all of the analyses that were prespecified because all of those relate to the total burden of disease


As we stated throughout the prior year, while our fiscal 2016 results were disappointing as a direct result of the record warm temperatures throughout the heating season,

as we stated throughout the prior year while our fiscal 2016 results were disappointing as a direct result of the record warm temperatures throughout the heating season


This growth was driven primarily by the acquisition of 3 hospitals acquired in 2015 and includes the allocation of additional marketing expenses

this growth was driven primarily by the acquisition of 3 hospitals acquired in 2015 and includes the allocation of additional marketing expenses


they now have an account with Mogo. So if we offer them a competitive rate, typically lower, a better experience to get a mortgage and a significantly better experience once they have the mortgage, you can see the potential for this product.

they now have an account with mogo so if we offer them a competitive rate typically lower a better experience to get a mortgage and a significantly better experience once you have the mortgage you can see the potential for this product


that will significantly increase our capacity, but also, will assure that all of the latex products that we

that will significantly increase our capacity but also will assure that all of the latex products that we


our portfolio companies continue exhibit a very strong underlying growth and results. In our private equity segment, our portfolio companies, taken as a whole,

our portfolio companies continue to exhibit very strong underlying growth and results in our private equity segment our portfolio companies taken as a whole


Technology is moving very quickly. And I think, for us, we want to stay best positions to help organizations sift through the noise and manage all of that complexity.

technology is moving very quickly and i think for us we want to stay best positions to help organizations sift through the noise and manage all of that complexity


I don't think I'm going out on a limb to say that valuations are typically tied to market performance and supply.

i don't think i'm going out on a limb to say that valuations are typically tied to market performance and supply


We made strong steps forward in the fourth quarter, and we'll continue our efforts in 2019 and 2020 as we complete elements of our multiyear plan on a monthly basis going forward.

we made strong steps forward in the fourth quarter and we'll continue our efforts in 2019 and 2020 as we complete elements of our multiyear plan on a monthly basis going forward


And at the same time, we have to sort of juggle with the contracts so that we have sufficient contracts, but we cannot overcome it. Because otherwise we won't be able to deliver.

and at the same time we have to sort of juggle with the contracts so that we have sufficient contracts but we cannot come overcome it because otherwise we won't be able to deliver


The -- I think we're going to go back and look at what our 3-year results look like with the team over the next couple of months.

the -- i think we're going to go back and look at what our 3-year results look like with the team over the next couple of months


That is ours to own. As it relates to activity, we're not going to become a fitness company. So we believe the integration of

that is ours to own as it relates to activity we're not going to become a fitness company so we believe the integration of


Our strength is broad-based and driven by strong execution across all aspects of our global business from social engagement to member experience,

our strength is broad-based and driven by strong execution across all aspects of our global business from social engagement to member experience


And regarding the answer to the second question, it was included in the answer to the first question, because you asked about the loan-to-deposit ratio. And as I mentioned in my presentation,

and regarding the answer to the second question it was included in the answer to the first question because you asked about the loan-to-deposit ratio and as i mentioned in my presentation


seem to continue to rally as the capital markets continue to rally pretty briskly. And it's back to the point that not only are

seem to continue to rally as the capital markets continue to rally pretty briskly and it's back to the point that not only are


On our last call, we discussed the agreement we had entered into, but not yet closed, to acquire 2 terminals

on our last call we discussed the agreement we had entered into but not yet closed to acquire 2 terminals


I think they did a lot of different testing on a lot of different well spacing. And as is typical of our strategy,

i think they did a lot of different testing on a lot of different well spacing and as is typical of our strategy


Sure. So those assets are what I would say are the traditional wireless and outdoor advertising assets. So

sure so those assets are what i would say are the traditional wireless and outdoor advertising assets so


I think the most noteworthy is being a public partnership and all these K-1s wasn't the most inexpensive exercise in the world.

i think the most noteworthy is being a public partnership and all these k-1s wasn't the most inexpensive exercise in the world


Before the call begins, I would like to remind everyone that certain statements made in the course of this call, which are not historical facts, including statements concerning future financial and operating performance,

before the call begins i would like to remind everyone that certain statements made in the course of this call which are not historical facts including statements concerning future financial and operating performance


And from what we have already heard from President Duque and his newly appointed cabinet, we feel the government understands that the private sector has carried the heavier part

and from what we have already heard from president duque and his newly appointed cabinet we feel the government understands that the private sector has carried the heavier part


we've mapped out the time table and understand the cost and the impact on Dynasil, we have converted the Dynasil liabilities -- Xcede liabilities to equity

we've mapped out the timetable and understand the costs and the impact on dynasil we have converted the dynasil liabilities -- the exceed liabilities to equity


Going back to some of your earlier commentary and some of the specifics around price deflation, I guess those expectations aside, I mean clearly I think you probably experienced heightened

going back to some of your earlier commentary and some of the specifics around price deflation i guess those expectations aside i mean clearly i think you probably experience heightened


to make sure that we're looking at all the people, the processes, the tools that we need on each and every one of those programs, that we've got the leadership talent.

to make sure that we're looking at all the people the processes the tools that we need on each and every one of those programs that we've got the leadership talent


I am confident in our new vision and strategy for improvement and have strong conviction in the path we are on and our ability to manage in both up and down economic cycles.

i am confident in our new vision and strategy for improvement and have strong conviction in the path we are on and our ability to manage in both up and down economic cycles


It's just a smaller market. So any kind of addition to it can move that. But more importantly, I believe that what they did to the capacity market,

it's just a smaller market so any kind of addition to it can move that but more importantly i believe that what they did to the capacity market


on the quarterly earnings per share numbers, this profit before tax number is a good way to compare periods. The next set of numbers I'll mention does include the impact of the Tax Reform Act.

on the quarterly earnings per share numbers this profit before tax number is a good way to compare periods the next set of numbers i'll mention does include the impact of the tax reform


Yes, there's a lot to that question. You got a lot of moving parts going on there. So obviously, you're getting some improvement. If you look back over the last couple of years, you've had these costs that we're investing against. So

yes there's a lot to that question you got a lot of moving parts going on there so obviously you're getting some improvement if you look back over the last couple of years you've had these costs that we're investing against and so


I am also pleased to announce that the number of units on trial at the end of the first quarter is at record levels and has continued to grow through the early part of the second quarter.

i'm also pleased to announce that the number of units on trial at the end of the first quarter is at record levels and has continued to grow through the early part of the second quarter


and that then we had seen a little bit of fill-in from those orders that were held back in the first quarter. So we had very strong orders and particularly in the industrial distribution channel,

and that then we had seen a little bit of fill-in from those orders that were held back in the first quarter so we had very strong orders and particularly in the industrial distribution channel


A third organic growth component over the medium to longer term will be to explore international expansion opportunities where those make good sense for our portfolio.

a third organic growth component over the medium to longer term will be to explore international expansion opportunities where those make good sense for our portfolio


the wettest January and February around -- but as we always tell our operating teams, we have to be able to function because somewhere else in the world, you get good weather.

the wettest january and february around but as we always tell our operating teams we have to be able to function because somewhere else in the world you get good weather


that a lot of companies, given that the first major act was initiated by the discount, so the conversation all become around the cap,

that a lot of companies given that the first major act was initiated by the discount so the conversation all became around the cap


on some of that, which drives it. So it depends on the origination mix as well, but certainly that's probably on the upper end. So from a conservative standpoint, I'd back it down a little bit.

on some of that which drives it so it depends on the origination mix as well but certainly that's probably on the upper end so from a conservative standpoint i'd back it down a little bit


In today's call, I'll start by providing our perspective on the market environment and our business performance. Then, I'll lay out our views on the industry's future growth drivers

in today's call i'll start by providing our perspective on the market environment and our business performance then i'll lay out our views on the industry's future growth drivers


These numbers are highlighted on Slide 4. From a software revenue mix perspective, we continue to see more of our software moving toward subscription business model offerings.

these numbers are highlighted on slide 4 from a software revenue mix perspective we continue to see more of our software moving towards subscription business model offerings


is frankly more a product of a multi-year push on our part to convince institutions that preferreds really are a strategy they should consider.

is frankly more a product of a multiyear push on our part to convince institutions that preferred really are a strategy they should consider


for different reasons. At the end of the day, we use volume points for qualification levels. And in different markets for different products, we want to test the ability to change those qualification levels

for different reasons at the end of the day we use volume points for qualification levels and in different markets for different products we want to test the ability to change those qualification levels


and regulatory filing requirements. The legislation and market trends are shifting from documents to data, driving a significant increase in data handling and ingestion.

and regulatory filing requirements the legislation and market trends are shifting from documents to data driving a significant increase in data handling and ingestion


which is where we've kind of been operating for a period of time. And there's always another rainy day out there. So I guess that's why I think

which is where we've kind of been operating for a period of time and there's always another rainy day out there so i guess that's why i think


Occupancy in some markets is related to new product deliveries, which, of course, helps drive rents but contributes to vacancy in the near term.

occupancy in some markets is related to new product deliveries which of course helps drive rents but contributes to vacancy in the near term


Our new collaborations with Lilly and Alexion provide significant opportunities to expand our pipeline programs into new disease areas, organs and targets,

our new collaborations with lilly and alexion provide significant opportunities to expand our pipeline programs into new disease areas organs and targets


The power and performance of our GalXC platform and the strength of our team have enabled us to enter these collaborations with the field leaders in the respective therapeutic domains.

the power and performance of our galaxy platform and the strength of our team have enabled us to enter these collaborations with the field leaders in the respective therapeutic domains


These negatives were partially offset by our efforts to hold down raw material-related costs and streamlined production processes.

these negatives were partially offset by our efforts to hold down raw material related costs and streamline production processes


We expect a positive effect from increased sales over the full year as our spending on advertising begins to yield results.

we expect a positive effect from increased sales over the full year as our spending on advertising begins to yield results


We can -- for a period of time, see higher margins as our hedging gains step in and boost that margin. We have lower sales dollars from the translation, but higher margins.

we can for a period of time see higher margins as our hedging gains step in and boost that margin we have lower sales dollars from the translation but higher margins


Importantly, we achieved the record origination volume while maintaining our strict underwriting standards as evidenced by the portfolio's credit performance, which remained excellent during the quarter.

importantly we achieved the record origination volume while maintaining our strict underwriting standards as evidenced by the portfolio's credit performance which remained excellent during the quarter


Finally, we are continuing to develop new products for both consumer and military applications and are pushing our technology to the next level,

finally we are continuing to develop new products for both consumer and military applications and are pushing our technology to the next level


As you perfectly know, H1 always sees an unfavorable trend in terms of working capital, which will revert back by the end of the year.

as you perfectly know h1 always sees an unfavorable trend in terms of working capital which will revert back by the end of the year


Also, please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own.

also please note that the slides of the webcast presentation are user-controlled and that means that by clicking on the proper button you can move to the next or to the previous slide on your own


is the unique combination of privilege management, application control and credential theft blocking, which is strong protection against the potential crippling damage from ransomware attacks.

is the unique combination of privilege management application control and credential theft blocking which is strong protection against the potential crippling damage from ransomware attacks


and to have a robotics platform that then complements what I truly believe is the best knee system in the marketplace allows us now some differentiation versus everybody else.

and to have a robotics platform that then complements what i truly believe is the best knee system in the marketplace allows us now some differentiation versus everybody else


And so I don't want to say that there isn't that. I don't see it as being material. But the fact is, that when you have a leader leave, there's some level of disruption that you've got to assume is happening.

and so i don't want to say that there isn't that i don't see it as being material but the fact is when you have a leader leave there's some level of disruption that you've got to assume is happening


Our emerging markets also performed well, a reflection of our focused organic growth initiatives in these higher-growth countries.

our emerging markets also performed well a reflection of our focused organic growth initiatives in these higher growth countries


Except as required by law, Nuvo is under no obligation to update any forward-looking statements discussed today and investors are cautioned not to place undue reliance on these statements.

except as required by law nuvo is under no obligation to update any forward-looking statements discussed today and investors are cautioned not to place undue reliance on these statements


assess and do as we move forward. So I don't think it's a statement of saying we won't do something if we have the right market. It's really just a statement of saying we don't need to do anything.

assess and do as we move forward so i don't think it's a statement of saying we won't do something if we have the right market it's really just a statement of saying we don't need to do anything


was derived from third-party sources and has not been independently verified. And accordingly, the company makes no representations or warranty to -- with respect to this information.

was derived from third-party sources and has not been independently verified and accordingly the company makes no representations or warranty with respect to this information


is healthy and solid. We are now starting in the month of August to market the business as now open. We waited until we got all the kinks out of the way.

is healthy and solid we are now starting in the month of august to market the business as now open we waited until we got all the kinks out of the way


an arbitration or anything like that. It's a good spirit and I think it will be a positive impact for us. I really hope to be able to tell you something by the end of this semester.

an arbitration or anything like that it's a good spirit and i think it will be a positive impact for us i really hope to be able to tell you something by the end of this semester


We estimate a net benefit of roughly 12 percentage points from tax reform as the 14 point reduction in corporate tax rates will be partially offset by some deductions that were eliminated.

we estimate a net benefit of roughly 12 percentage points from tax reform as the 14-point reduction in corporate tax rates will be partially offset by some deductions that were eliminated


We opened one new store and relocated one store during the fourth quarter of fiscal 2018 compared to opening no new stores and one relocation in the fourth quarter

we opened one new store and relocated one store during the fourth quarter of fiscal 2018 compared to opening no new stores and one relocation in the fourth quarter


Besides delivery, we have broad reach and depth in the digital space. Starting in June, we have now extended our digital social gifting on the Alipay platform,

besides delivery we have broad reach and depth in the digital space starting in june we have now extended our digital social gifting on the alipay platform


Whilst the last impact of the latter was recovered through insurance, promotional participation had to be curtailed with Spekko market share sacrificed during the period.

whilst the lost impact of the latter was recovered through insurance promotional participation had to be curtailed with speco market share sacrificed during the period


and David Silvious, our Chief Financial Officer. In just a moment, I'll turn the call over to David to summarize our financial results and then to Ben to review our business activity during the second quarter.

and david sylvius our chief financial officer in just a moment i'll turn the call over to david to summarize our financial results and then to ben to review our business activity during the second quarter


Please refer to yesterday's earnings release and our most recent filings with the SEC for additional information regarding uncertainties that could affect our future financial results.

please refer to yesterday's earnings release and our most recent filings with the sec for additional information regarding uncertainties that could affect our future financial results


The second point is to select and concentrate on existing businesses and create new business domains. We will also pursue growth in non-air businesses.

the second point is to select and concentrate on existing businesses and create new business domains we will also pursue growth in non-air businesses


It is important to understand that the first quarter group results were in line with our expectations and incorporated into prior earnings guidance.

it is important to understand that the first quarter group results were in line with our expectations and incorporated into prior earnings guidance


because I would hate to -- I personally wouldn't do, if I was on the board of your company, do a financial transaction, knowing that 2017 could be really big

because i would hate to -- i personally wouldn't do -- if i was on the board of your company do a financial transaction knowing that 2017 could be really big


We expect to continue to grow our Materials business relatively insulated from semiconductor CapEx and pricing cycles.

we expect to continue to grow our materials business relatively insulated from semiconductor capex and pricing cycles


Among those predictable sources will be the new long-term supply and transportation agreement with NOVA that was highlighted in our April announcement of the Geismar sale.

among those predictable sources will be the new long-term supply and transportation agreement with nova that was highlighted in our april announcement of the guise marcel


and then dial up the DM. That's normally the fastest way to destroy customer confidence and the fastest way to destroy value at the same time. So I think we've actually sequenced it in that way.

dial up the dm that's normally the fastest way to destroy customer confidence and the fastest way to destroy value at the same time so i think we've actually sequenced it in that way


and as we have mentioned in the past, even though we are well positioned financially, we will not stray from our consistent and prudent approach to any future acquisition.

and as we have mentioned in the past even though we are well positioned financially we will not stray from our consistent and prudent approach to any future acquisitions


While we already have a series of patients waiting to be enrolled in these trials, there is one significant aspect to be considered for patient safety.

while we already have a series of patients waiting to be enrolled in these trials there is one significant aspect to be considered for patient safety


significant revenue growth across a number of our practices. And as you start seeing that revenue growth, the demand on having skilled project managers

significant revenue growth across a number of our practices and as you start seeing that revenue growth the demand on having skilled project managers


Also in the region, India rebounded nicely in Q4 as we successfully worked through disruption caused in the third quarter due to the implementation of the new GST system.

also in the region india rebounded nicely in q4 as we successfully worked through disruption caused in the third quarter due to the implementation of the new gst system


where we believe we are very well positioned to expand our core technologies into a greater breadth of applications to meet the growing and increasingly complex requirements of our customers.


For a detailed discussion of some of the risks and contingencies that could cause our actual performance to differ significantly from our present expectations,

for a detailed discussion of some of the risks and contingencies that could cause our actual performance to differ significantly from our present expectations


So the -- our approach is that whatever is the technology that is in vogue and whatever is the one that is emerging, we need to invest and create talent for it

so the our approach is that whatever is the technology that is involved and whatever is the one that is emerging we need to invest and create talent for it


We expect growth in the foodservice channel to remain strong, with growth coming from many of our brands, such as HORMEL BACON 1 and HORMEL FIRE BRAISED Meats.

we expect growth in the food service channel to remain strong with growth coming from many of our brands such as hormel bacon one and hormel fire braised meats


We do have some additional costs that do creep into the system, for lack of a better word, in the fourth quarter related to some of the promotional activities we do and in-store activities around the holidays

we do have some additional costs that do creep into the system for lack of a better word in the fourth quarter related to some of the promotional activities we do and in-store activities around the holidays


In particular, we are starting to see stronger than initially expected benefits from steel, resin and other base metals manifest themselves in our income statement results.

in particular we are starting to see stronger than initially expected benefits from steel resin and other base metals manifest themselves in our income statement results


We put people, processes and technology in place to enable us to expand from a local community bank into a larger regional community bank with a broad multistate footprint.

we put people processes and technology in place to enable us to expand from a local community bank into a larger regional community bank with a broad multi-state footprint


We have consolidated redundant office space. We will further reduce operating costs as we continue to consolidate back office functions, clearing operations and overhead departments,

we have consolidated redundant office space we will further reduce operating costs as we continue to consolidate back-office functions clearing operations and overhead departments


We are notably using this approach to more effectively address customer needs in areas where we have significant growth potential, particularly appliances and mobile phones.

we are notably using this approach to more effectively address customer needs in areas where we have significant growth potential particularly appliances and mobile phones


On today's call, I will review highlights for the second quarter related to sales, operations and product development, Efrain will review our second quarter financial results and discuss our full year guidance,

on today's call i will review highlights for the second quarter related to sales operations and product development efrain will review our second quarter financial results and discuss our full year guidance


And while we had been improving the operating margin each year in the business, we fell behind in the trajectory needed to achieve our 2018 targets.

and while we have been improving the operating margin each year in the business we fell behind on the trajectory needed to achieve our 2018 targets


We felt very, very good about the progress we saw in terms of revenue growth as well as continuing to control expenses and to create operating leverage.

we felt very very good about the progress we saw in terms of revenue growth as well as continuing to control expenses and to create operating leverage


improve cross-selling and refining our operational efficiencies to improve service levels. Now let's talk about the business units.

improve cross-selling and refining our operational efficiencies to improve service levels now let's talk about the business units


In order to compete, operators are reallocating investments away from traditional IT and back-office solutions into new solutions that leverage and optimize new technologies

in order to compete operators are reallocating investments away from traditional it and back office solutions into new solutions that leverage and optimize new technologies


As we enter the second quarter, we continue our work to roll out SAP in Asia and Europe to go live during the early part of the next calendar year, and we look to leverage the investments we have already made

as we enter the second quarter we continue our work to roll out sap in asia and europe to go live during the early part of the next calendar year and we look to leverage the investments we have already made


I think it's misleading to give percentages because when you have 30 to 40 patients, 3 or 4 patients can make a big difference in percentages. But I think if

i think it's misleading to give percentages because when you have 30 to 40 patients 3 or 4 patients can make a big difference in percentages but i think if


And to then to do it, where you're also having to bring into the workforce over 1,000 workers and train them in railcar manufacturing,

and to then do it where you're also having to bring into the workforce over 1 000 workers and train them in railcar manufacturing


Okay. That's helpful. And then was there any additional restructuring that occurred in Energy in the third quarter

okay that's helpful and then was there any additional restructuring that occurred in energy in the third quarter


By leveraging predictive analytics, we identified and targeted customers with a higher propensity to purchase our brake and tire offerings, which led to a notable increase in conversion.

by leveraging predictive analytics we identified and targeted customers with a higher propensity to purchase our brake and tire offerings which led to a notable increase in conversion


I think if you look at the way kind of the quarter set up, we were up about 7 in October, up about 7 in November, down 6 adjusted for days in December,

i think if you look at the way kind of the quarter set up we were up about 7 in october up about 7 in november down 6 adjusted for days in december


Consumer demand measured in volume grew by less than 1%, even allowing for growth in new channels, which are not picked up in most of the market data.

consumer demand measured in volume grew by less than 1% even allowing for growth in new channels which are not picked up in most of the market data


Furthermore, I assure you that our response is thoughtful and has been done in a manner that maintains our ability to capitalize on stronger demand when we come out of this cyclical trough.

furthermore i assure you that our response is thoughtful and has been done in a manner that maintains our ability to capitalize on stronger demand when we come out of the cyclical trough


Our cautionary statement is shown on Page 2 of today's presentation deck. We will make some forward-looking statements during today's call that refer to estimates and plans.

our cautionary statement is shown on page 2 of today's presentation deck we will make some forward-looking statements during today's call that refer to estimates and plans


What you're seeing is the effect of the headwind from our fine chemicals business and the pharma, which has been down significantly this year.

what you're seeing is the effect of the headwind from our fine chemicals business into pharma which has been down significantly this year


increase in our international revenue was primarily due to increased equipment revenue as a result of the build-out of the company's distribution footprint,

the increase in our international revenue was primarily due to increased equipment revenue as a result of the build-out of the company's distribution footprint


We look forward to building upon this momentum throughout 2016 as we feel there are several ongoing opportunities that will further improve this segment adjusted operating ratio in coming quarters.

we look forward to building upon this momentum throughout 2016 as we feel there are several ongoing opportunities that will further improve this segment adjusted operating ratio in coming quarters


Last year, we did have the Iroquois sale that we were aware of at the beginning of the year. Obviously, that's behind us and we've not contemplated any other onetime items going forward.

last year we did have the iroquois sale that we were aware of at the beginning of the year obviously that's behind us and we've not contemplated any other one-time items going forward


Further projects within Sensile are in strong discussion at the moment. I think it's too early to disclose, to talk about

further projects within sensile are in strong discussion at the moment i think it's too early to disclose to talk about


and then it will be of valuable input for the patient, the doctors, the insurance companies and so on to make something out of this data.

and then it will be of valuable input for the patient the doctors the insurance companies and so on to make something out of this data


We are committed to disciplined capital allocation and focused on returns that will allow us to operate within our own cash flow, shifting the target from top line production growth

we are committed to disciplined capital allocation and focused on returns that will allow us to operate within our own cash flow shifting the target from top line production growth


and cash flow, as you all know for Keller, is always very second-half weighted. Having said that, the first half number is lower than we would normally expect and that reflects the very strong growth in the second quarter.

i mean cash flow as you all know for keller is always very second half weighted having said that the first half number is lower than we would normally expect and that reflects the very strong growth in the second quarter